Voluntary Disposition definition

Voluntary Disposition means any disposition (including pursuant to a sale and leaseback transaction) of any or all of the Property (including without limitation the Capital Stock of a Subsidiary) of the Borrower or any Restricted Subsidiary whether by sale, lease, licensing, transfer or otherwise, but other than pursuant to any casualty or condemnation event; provided, however, that the term "Voluntary Disposition" (i) shall be deemed to include (a) any "Asset Sale" (or any comparable term) under, and as defined in, the documents evidencing or governing any Subordinated Debt and (b) any contribution of Property by the Borrower or any Restricted Subsidiary to a Person (including, without limitation, a JOA) that is not a Loan Party and in which the Borrower or such Restricted Subsidiary holds a partnership or joint venture interest, and (ii) shall not include any Involuntary Disposition.
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Voluntary Disposition means any disposition except (a) a transfer pursuant to a foreclosure action, provided that Hotels LP use commercially reasonable efforts to avoid any such action, or a bankruptcy proceeding or (b) a compulsory or involuntary conversion as such terms are used in Code Section 1033, provided that in the event of any such compulsory or involuntary conversion, Hotels LP shall use commercially reasonable efforts to reinvest the proceeds of such disposition to avoid gain recognition in accordance with Code Section 1033. Hotels LP will give the Beneficiaries notice of any pending foreclosure promptly upon becoming aware of it. JQH shall have the right, in his sole and absolute discretion to receive a distribution of any property being foreclosed upon (with no net value being ascribed to it) within sufficient time to cure the defaults giving rise to the foreclosure, provided that such distribution would not violate the terms of any credit or similar agreement to which Hotels LP is a party.
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Voluntary Disposition means any disposition (including pursuant to a sale and leaseback transaction) of any or all of the Property (including without limitation the Capital Stock of a Subsidiary) of the Borrower or any Restricted Subsidiary whether by sale, lease, licensing, transfer or otherwise, but other than pursuant to any casualty or condemnation event; PROVIDED, HOWEVER, that the term "Voluntary Disposition" (i) shall be deemed to include (a) any "Asset Sale" (or any comparable term) under, and as defined in, the documents evidencing or governing any Subordinated Debt and (b) any contribution of Property by the Borrower or any Restricted Subsidiary to a Person (including, without limitation, a JOA) that is not a Loan Party and in which the Borrower or such Restricted Subsidiary holds a partnership or joint venture interest, and (ii) shall not include any Involuntary Disposition.
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Examples of Voluntary Disposition in a sentence

  • The disposition of cargo claims by ▇▇▇▇▇▇▇ will be pursuant to 49 C.F.R. 370 (Principles and Practices for the Investigation and Voluntary Disposition of TJOSS and Damage Claims and Processing Salvage).

  • The Respondent ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ has entered into a Voluntary Disposition Agreement (“Agreement”), attached hereto and incorporated herein, under which he has agreed to the suspension of his certification as a law enforcement officer in the Commonwealth of Massachusetts for a period of five days, beginning on the date of execution of the Agreement by the Massachusetts Peace Officer Standards and Training Commission (“Commission”), and certain conditions outlined in the Agreement.

  • Immediately upon the occurrence of any Asset Disposition Prepayment Event, the Borrower shall prepay the Tranche B Term Loans and shall reduce the Aggregate Revolving Commitments in an aggregate amount equal to 100% of the Net Cash Proceeds of the related Voluntary Disposition or Involuntary Disposition that were not applied (or caused to be applied) by the Loan Parties prior to such Asset Disposition Prepayment Event to make Eligible Reinvestments.

Related to Voluntary Disposition

  • Involuntary Disposition means any loss of, damage to or destruction of, or any condemnation or other taking for public use of, any property of any Loan Party or any Subsidiary.

  • Final disposition means the burial, interment, cremation, removal from the state, or other disposition of a dead body or fetus.

  • Specified Disposition means any disposition of all or substantially all of the assets or Capital Stock of any Subsidiary of the Borrower or any division, business unit, product line or line of business.

  • Qualified disposition means, subject to subparagraphs (iii) and (iv), a disposition after which both subparagraphs (i) and (ii) apply to the subject property:

  • Collateral Disposition means (i) the sale, lease, transfer or other disposition of the Vessel by the Borrower to any Person (it being understood that a Permitted Chartering Arrangement is not a Collateral Disposition) or the sale of 100% of the Capital Stock of the Borrower or (ii) any Event of Loss of the Vessel.